Travel Food Services Limited has fixed the price band of ₹1,045/- to ₹1,100/- per Equity Share of face value ₹1/- each for its maiden initial public offer.
The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Monday, July 7, 2025, for subscription and close on Wednesday, July 9, 2025. Investors can bid for a minimum of 13 Equity Shares and in multiples of 13 Equity Shares thereafter.
The IPO is entirely an offer for sale up to equity shares aggregating to Rs 2,000 crore by Kapur Family Trust. A discount of ₹104 per equity share is being offered to eligible employees bidding in the employee reservation portion.
Travel Food Services Limited is engaged in the fast-growing Indian airport travel quick service restaurant (“Travel QSR”) and lounge (“Lounge”) sectors. It operates a travel quick service restaurant (“Travel QSR”) and a lounge (“Lounge”) business across airports in India, Malaysia and Hong Kong. It also has Travel QSRs on nine highways in India. Its Travel QSR business comprises a range of F&B concepts tailored to customers’ demands for speed and convenience within travel environments. As of March 31, 2025, its F&B brand portfolio includes 127 partner and in-house brands.
The company has a market share based on revenue (including Associates and Joint Ventures) of approximately 26% in the Indian airport travel QSR sector and approximately 45% in the Indian airport Lounge sector in Fiscal 2025, according to the CRISIL Report. Its Lounge business comprises designated areas within airport terminals, accessible primarily by first and business-class passengers, members of airline loyalty programs, select credit card and debit card holders, and members of other loyalty programs.
TFS has a presence in 14 airports in India, three airports in Malaysia, and one airport in Hong Kong as of March 31, 2025. Out of the 14 airports in India, 13 of them were among the 15 largest airports in the country including Delhi, Mumbai, Bengaluru, Hyderabad, Kolkata, and Chennai.
Travel Food Services’ revenue from operations increased by 20.87% to ₹1,687.74 crore in Fiscal 2025 from ₹1,396.32 crore in Fiscal 2024, attributable to an increase in LFL Sales Growth and Net Contract Gains. Profit for the year increased by 27.35% to ₹379.66 crore in Fiscal 2025 from ₹298.12 crore in Fiscal 2024.
Kotak Mahindra Capital Company Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, and Batlivala & Karani Securities India Private Limited are the book-running lead managers, and MUFG Intime India Private Limited is the registrar of the issue.
The Offer is being made through the book-building process, wherein not more than 50% of the net offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15% and 35% of the offer shall be available for allocation to non-institutional investors, and retail individual bidders respectively.
With its stronghold in the fast-growing airport travel food and lounge service sector, Travel Food Services Limited’s IPO is a significant milestone in India’s consumer services and travel retail industry. Its diverse presence across major Indian and international airports, strategic brand partnerships, and consistent revenue growth reflect solid fundamentals and future potential. Investors and market watchers are keenly eyeing the IPO scheduled from July 7–9, 2025, as the company aims to unlock shareholder value and strengthen its footprint further in the dynamic travel QSR and lounge space.
